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A motorist purchases gas at a station on June 9, 2026 in Chicago, Illinois.
(Photo by Scott Olson/Getty Images)
'Betrayal of the Working Class': Trump War of Choice in Iran Pushes Inflation to New 3-Year High
"This isn’t just ‘bad vibes’ about the economy," said one economist. "There is real pain."
Jun 10, 2026
President Donald Trump during the 2024 campaign vowed to bring down the cost of living starting on the very first day of his presidency.
However, data released by the US Bureau of Labor Statistics (BLS) on Wednesday showed overall prices in May posted a yearly increase of 4.2%, marking the highest rate of inflation since 2023. Core inflation, which excludes food and energy costs, posted a yearly increase of 2.9%, the highest rate since September 2023.
Energy prices, which have skyrocketed since Trump launched an illegal war of choice with Iran in late February, were the primary driver of inflation last month, posting a 23.5% yearly increase from May 2025.
Heather Long, chief economist at Navy Federal Credit Union, noted that inflation last month was "so high that it's erasing all wage gains," which posted a yearly gain of 3.4% in May.
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
New York Times economics reporter Ben Casselman similarly noted the impact that rising energy costs, which are a direct result of Trump's Iran war, have had on Americans' earnings.
"The recent surge in energy prices has wiped out more than a year's worth of wage gains," Casselman wrote in a social media post. "Average hourly earnings, adjusted for inflation, are now back to exactly where they were when Trump returned to office."
Economist Steve Rattner posted a chart showing how energy prices exploded after Trump attacked Iran, which retaliated by shutting down the Strait of Hormuz to all commercial shipping.
"An entirely self-inflicted wound caused by Trump’s war on Iran," Rattner remarked.
The inflation story in one chart: gas +40% y/y, energy +24%.
An entirely self-inflicted wound caused by Trump’s War on Iran. pic.twitter.com/LnM5AKkXeA
— Steven Rattner (@SteveRattner) June 10, 2026
Charlie Bilello, chief marketing strategist at Creative Planning Investor, said the latest inflation numbers were so concerning that the US Federal Reserve "should be hiking rates" at its next meeting.
A decision to hike rates would likely anger Trump, who frequently pressured former Federal Reserve Chairman Jerome Powell to slash rates.
Rep. Don Beyer (D-Va.) responded to the inflation report by taking a shot at Trump for his economic mismanagement, including his tariffs on imported goods that have raised costs for US consumers.
"Trump promised repeatedly that he would 'end inflation' starting on day one but by almost every measure, he's failed to achieve those goals," Beyer said. "And far from lowering costs, his tariffs have only made the affordability crisis worse for the American people."
Alex Jacquez, chief of policy and advocacy at the Groundwork Collaborative, said the new data makes clear that "high prices are here to stay."
"This month’s CPI print offers no relief to working families, who are being forced to pinch pennies and tighten belts in Trump’s economy," said Jacquez. "Working Americans no longer have any breathing room in their budgets and are dipping into their savings while the president spends millions in taxpayer funds to attend the NBA Finals. Trump’s betrayal of the working class has done lasting damage to our economy.”
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President Donald Trump during the 2024 campaign vowed to bring down the cost of living starting on the very first day of his presidency.
However, data released by the US Bureau of Labor Statistics (BLS) on Wednesday showed overall prices in May posted a yearly increase of 4.2%, marking the highest rate of inflation since 2023. Core inflation, which excludes food and energy costs, posted a yearly increase of 2.9%, the highest rate since September 2023.
Energy prices, which have skyrocketed since Trump launched an illegal war of choice with Iran in late February, were the primary driver of inflation last month, posting a 23.5% yearly increase from May 2025.
Heather Long, chief economist at Navy Federal Credit Union, noted that inflation last month was "so high that it's erasing all wage gains," which posted a yearly gain of 3.4% in May.
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
New York Times economics reporter Ben Casselman similarly noted the impact that rising energy costs, which are a direct result of Trump's Iran war, have had on Americans' earnings.
"The recent surge in energy prices has wiped out more than a year's worth of wage gains," Casselman wrote in a social media post. "Average hourly earnings, adjusted for inflation, are now back to exactly where they were when Trump returned to office."
Economist Steve Rattner posted a chart showing how energy prices exploded after Trump attacked Iran, which retaliated by shutting down the Strait of Hormuz to all commercial shipping.
"An entirely self-inflicted wound caused by Trump’s war on Iran," Rattner remarked.
The inflation story in one chart: gas +40% y/y, energy +24%.
An entirely self-inflicted wound caused by Trump’s War on Iran. pic.twitter.com/LnM5AKkXeA
— Steven Rattner (@SteveRattner) June 10, 2026
Charlie Bilello, chief marketing strategist at Creative Planning Investor, said the latest inflation numbers were so concerning that the US Federal Reserve "should be hiking rates" at its next meeting.
A decision to hike rates would likely anger Trump, who frequently pressured former Federal Reserve Chairman Jerome Powell to slash rates.
Rep. Don Beyer (D-Va.) responded to the inflation report by taking a shot at Trump for his economic mismanagement, including his tariffs on imported goods that have raised costs for US consumers.
"Trump promised repeatedly that he would 'end inflation' starting on day one but by almost every measure, he's failed to achieve those goals," Beyer said. "And far from lowering costs, his tariffs have only made the affordability crisis worse for the American people."
Alex Jacquez, chief of policy and advocacy at the Groundwork Collaborative, said the new data makes clear that "high prices are here to stay."
"This month’s CPI print offers no relief to working families, who are being forced to pinch pennies and tighten belts in Trump’s economy," said Jacquez. "Working Americans no longer have any breathing room in their budgets and are dipping into their savings while the president spends millions in taxpayer funds to attend the NBA Finals. Trump’s betrayal of the working class has done lasting damage to our economy.”
President Donald Trump during the 2024 campaign vowed to bring down the cost of living starting on the very first day of his presidency.
However, data released by the US Bureau of Labor Statistics (BLS) on Wednesday showed overall prices in May posted a yearly increase of 4.2%, marking the highest rate of inflation since 2023. Core inflation, which excludes food and energy costs, posted a yearly increase of 2.9%, the highest rate since September 2023.
Energy prices, which have skyrocketed since Trump launched an illegal war of choice with Iran in late February, were the primary driver of inflation last month, posting a 23.5% yearly increase from May 2025.
Heather Long, chief economist at Navy Federal Credit Union, noted that inflation last month was "so high that it's erasing all wage gains," which posted a yearly gain of 3.4% in May.
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
"Americans are getting squeezed financially," Long explained. "This isn't just 'bad vibes' about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care."
New York Times economics reporter Ben Casselman similarly noted the impact that rising energy costs, which are a direct result of Trump's Iran war, have had on Americans' earnings.
"The recent surge in energy prices has wiped out more than a year's worth of wage gains," Casselman wrote in a social media post. "Average hourly earnings, adjusted for inflation, are now back to exactly where they were when Trump returned to office."
Economist Steve Rattner posted a chart showing how energy prices exploded after Trump attacked Iran, which retaliated by shutting down the Strait of Hormuz to all commercial shipping.
"An entirely self-inflicted wound caused by Trump’s war on Iran," Rattner remarked.
The inflation story in one chart: gas +40% y/y, energy +24%.
An entirely self-inflicted wound caused by Trump’s War on Iran. pic.twitter.com/LnM5AKkXeA
— Steven Rattner (@SteveRattner) June 10, 2026
Charlie Bilello, chief marketing strategist at Creative Planning Investor, said the latest inflation numbers were so concerning that the US Federal Reserve "should be hiking rates" at its next meeting.
A decision to hike rates would likely anger Trump, who frequently pressured former Federal Reserve Chairman Jerome Powell to slash rates.
Rep. Don Beyer (D-Va.) responded to the inflation report by taking a shot at Trump for his economic mismanagement, including his tariffs on imported goods that have raised costs for US consumers.
"Trump promised repeatedly that he would 'end inflation' starting on day one but by almost every measure, he's failed to achieve those goals," Beyer said. "And far from lowering costs, his tariffs have only made the affordability crisis worse for the American people."
Alex Jacquez, chief of policy and advocacy at the Groundwork Collaborative, said the new data makes clear that "high prices are here to stay."
"This month’s CPI print offers no relief to working families, who are being forced to pinch pennies and tighten belts in Trump’s economy," said Jacquez. "Working Americans no longer have any breathing room in their budgets and are dipping into their savings while the president spends millions in taxpayer funds to attend the NBA Finals. Trump’s betrayal of the working class has done lasting damage to our economy.”
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